What’s the name of the monster and what’s the name of the movie?

One of my earliest memories involves a nightmare I had of a monster coming out from under my bed and eating me. Typical four-year old nightmare. But the thing is is that the monster in question, I think, came from a movie. I don’t remember ever seeing the movie, but I do remember seeing a trailer for it at the beginning of a VHS tape. I saw the trailer quite a lot, so it must have been from a movie I watched a lot as a kid. I’ve been going through all of my old favorite VHS tapes, mostly Disney and Pixar movies, to try and find that trailer, but still didn’t find anything, meaning that whatever tape it was on, I don’t have it anymore. All I remember from the trailer is the monster itself, which resembled some kind of Jim Henson-esque muppet, with a long neck and cartoonish eyes and a kid saying “look what I found!” I’ve drawn up a sketch of what the monster looked like, provided memory is serving me right, which it probably isn’t.